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The Lanvin Group today announced its financial results for the first half of 2022, which ended in June. Its sales soared 73% to 200 million euros.
The Lanvin Group is pleased with “one of the highest growth rates in the global luxury goods industry”. It sees this as the success of an improved product and merchandising strategy.
For Joann Cheng, the Lanvin Group’s CEO, it “continues to deliver on its strategy, with record results in the first half and momentum continuing to build across all brands, markets and sales channels.”
The performance was driven by Europe and North America, where half-year revenues increased by 91% and 58% respectively. In China, despite numerous restrictions due to Covid-19 in Asia, sales increased by 32%.
All the group’s brands (Lanvin, Wolford, St. John Knits, Caruso, Sergio Rossi) recorded positive growth. In particular the eponymous brand, whose worldwide sales increased by 117%. This upturn is due in particular to a brand strategy aimed at emphasizing leather goods and shoes. In a few figures, wholesale channels increased by 260%, revenues via DTC (direct to costumers) channels by 75% and online sales by 71%.
Global strategies that work
The group is focusing on diversification and new business strategies.
Thanks to the opening of retail stores and the expansion of e-commerce, particularly on Chinese platforms (JD.com and RED Mall), direct sales have increased by 66% and wholesale sales by 89%. The French label, as well as the group’s other brands, continued to expand their visibility, with the opening of new stores in several strategic locations around the world. But the digitalization effort is also continuing.
New investments
The group announced a $50 million equity investment in Lanvin by Meritz Securities, a subsidiary of global financial services conglomerate Meritz Financial Group. Another $15 million is also planned. This will support the strong growth dynamics of the Lanvin group.
The financial group joins other existing shareholders, including Fosun International Limited, Itochu Corporation and Stella International Limited.
“We are delighted to welcome Meritz into our strategic ecosystem to support our global expansion strategy and the long-term sustainable growth of our brands” said Joann Cheng.
The Lanvin Group is confident of delivering strong results in fiscal 2022 as luxury consumers continue to grow.
Read also>The Lanvin Group’s global expansion strategy is bearing fruit
Featured photo : © Lanvin[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
The Lanvin Group today announced its financial results for the first half of 2022, which ended in June. Its sales soared 73% to 200 million euros.
The Lanvin Group is pleased with “one of the highest growth rates in the global luxury goods industry”. It sees this as the success of an improved product and merchandising strategy.
For Joann Cheng, the Lanvin Group’s CEO, it “continues to deliver on its strategy, with record results in the first half and momentum continuing to build across all brands, markets and sales channels.”
The performance was driven by Europe and North America, where half-year revenues increased by 91% and 58% respectively. In China, despite numerous restrictions due to Covid-19 in Asia, sales increased by 32%.
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The Lanvin Group today announced its financial results for the first half of 2022, which ended in June. Its sales soared 73% to 200 million euros.
The Lanvin Group is pleased with “one of the highest growth rates in the global luxury goods industry”. It sees this as the success of an improved product and merchandising strategy.
For Joann Cheng, the Lanvin Group’s CEO, it “continues to deliver on its strategy, with record results in the first half and momentum continuing to build across all brands, markets and sales channels.”
The performance was driven by Europe and North America, where half-year revenues increased by 91% and 58% respectively. In China, despite numerous restrictions due to Covid-19 in Asia, sales increased by 32%.
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